last i checked everyone else's taxes are taxed at a normal income tax rate. joining us is michael. can you just explain the significance of this loophole? we're talking real money, right? >> we're talking real money, erin. we're talking about a lot of money. i mean, this would basically double the tax that venture capitalists and private equity investors have to pay every year. you've been right on this all along. it's inconsistent with current tax policy. so, yeah, i mean, these guys have gotten a big break. i don't blame them. i wish i could have figured out how to get that break. it's terrific. but now the republicans are saying we should change that law, and look at this, we've got republicans saying, we're going to raise taxes on the rich in this area and lower the overall rate, which makes much more economic sense. >> what i'm curious about though is why it has taken so long. the president keeps putting it in his budget but he's always willing to negotiate this out. this is a loophole. there's not very many people who benefit from it. they are incredibly wealthy. a, it would